NEW YORK (TheStreet) -- Shares of LSB Industries (LXU - Get Report) were falling 50.1% to $8.09 with heavy trading volume on Friday after the chemical company missed analysts' estimates for earnings in the third quarter and raised the cost projection for its El Dorado ammonia plant.
LSB Industries reported a loss of 36 cents a share for the third quarter, below analysts' estimates of a loss of 34 cents a share. Revenue fell 7.8% year over year to $157.69 million for the quarter, in line with analysts' estimates for the quarter.
The chemical company also announced that it now expects the expansion of tis El Dorado ammonia plant in Arkansas to cost between $831 million and $855 million, up from its previous estimates of between $660 million to $680 million. The company now expects the project to be completed in early February.
LSB Industries said it received a strategic investment of $260 million to complete the El Dorado expansion project.
About 6.1 million shares of LSB Industries were traded by 1:08 p.m. on Friday, above the company's average trading volume of about 316,000 shares a day.
TheStreet Ratings team rates LSB INDUSTRIES INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
We rate LSB INDUSTRIES INC (LXU) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that we have evaluated. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income.
You can view the full analysis from the report here: LXU